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Using analytics to address complaints [VIDEO]

There are a number of webinars and information sessions these days touting data analytics as a tool for improving customer service for lenders, and for good reason. 

The Consumer Financial Protection Bureau is analyzing information from its consumer complaint database in order to develop strategies for regulating lenders in the future. It has an archive of nearly 200,000 complaints through which analytical software can sift, identifying keywords that regulators can use for direction on devising new rules. The database, as well as other sources of consumer complaints, aren’t just channels allowing people to vent about lenders and giving regulators tools to hinder them. These resources are tools that can be utilized to improve customer service. 

With consistent analysis of complaint archives, you too can identify where consumers are experiencing the most issues, and address problems before they come back to bite you. Utilizing consumer complaints can also help you identify weaknesses in competitors, and strengthen your own business in those same areas for an edge over other lenders in your market. 

The ability to utilize advanced analytics in order to improve customer service is helpful for businesses in all sorts of industries. Scrutinizing data points can help companies determine preemptive strategies designed to improve service to consumers, according to Data Informed. Having high-quality customer service is a huge advantage to have over competitors, and it will keep regulators pleased with the way your lending is done. 

Where to gather consumer complaints from
Collecting data on consumer complaints requires a number of resources, the publication noted. You can take advantage of information that your company has gathered, from social media or stored in government archives such as the CFPB consumer complaint database. If you want to utilize internal resources, set up a customer feedback system and look at transactional data in order to determine what bothers people about the lending process, and what sort of services they are looking for. 

Social media, on the other hand, offers easily accessible - and often brutally honest - assessments of people’s dealings with all sorts of businesses, Data Informed noted. Additionally, establishing a connection with customers through social networks will help improve consumer loyalty. 

And then there is the trusty consumer complaint database employed by the CFPB for developing regulatory strategies and tracking down firms that consistently utilize improper practices when dealing with people. The bureau publicly releases all of the complaints that it collects, so this resource is easy to look into. Whichever source of information you prefer, thoroughly analyzing the data will help you identify strategies for improving customer service. 

By: Equity National   January 21, 2015     Closing


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